Descent into the trough is a process.

The cost-of-living becomes unbearable for many people. Although in most cases it can be sheeted home to impossible mortgages, the media prefer to relate it to the increasing cost of groceries, child-care, charges and taxes.

People are doing it hard, and though it’s no excuse, crime begins to escalate.

Incumbent governments becomes increasingly unpopular and won’t survive the next election following an enormous collapse in real estate prices: at this time, swinging voters will be seeking their revenge.

Absent the fiscal understanding “No taxes; pay the rent“, we’ve arrived at the door of the next financial depression.